I thought this was an interesting article on the "get the tax break now or later" issue:
http://biz.yahoo.com/cbsm/070404/9d5e5d651d1d4c91bddec37fcfba4e78.html?.v=1&.pf=one click
Here's an excerpt from the article that sums is up:
Yes, there are some experts (and regular Americans as well) who say that tax rates are historically low and are likely to rise over time. And given that prediction, the experts say workers should give up the current tax deduction in the hopes that tax rates will be higher later on.
"That is what I call a dumb solution," wrote Starr in the Journal of Pension Benefits. "The (worker) has to give up a sure thing (the current deduction) for what is just a chance that the future benefit will be more valuable -- dumb move, if you ask me."